The soft commodity hurtled to its top value in 60 days amid concerns about production in Ivory Coast and Ghana, the biggest and second-biggest producers of cocoa, respectively. The nations presently are going through their mid-crops.
"Lower stocks are supportive certainly at a time of concerns about the mid-crop in West Africa," analyst Keith Flury with Rabobank International in London told the news service.
At 7:47 a.m. on Friday, cocoa futures gained 0.33 percent, an $8 lift to $2,460 per metric ton.
Rabobank estimates indicate production from the Ivory Coast during the mid-crop will amount to 260,000 tons, which is a decrease from the 300,000 generated last year. The nation generated more than one-third of the globe's cocoa in harvest year 2010-2011, according to the International Cocoa Organization.
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